Down-payment protection would provide a sensible and affordable way to restore confidence.

He contends that a large number — perhaps two million — of potential buyers who are renting or living with relatives hesitate to take the risk of making a purchase even if they have good jobs and credit histories. Says he:

While near-record numbers of houses all over the country are empty, the sidelines are crowded with this huge ‘shadow demand.’

His solution for activating that demand, whatever its dimensions, would be Continue reading →

Nobody is a fan of stale listings either. (You knew I was headed there, I’m sure.)

Unfortunately, those buyers seeking a tempting apartment that has been newly offered on the Upper West Side will encounter, instead, a collection of co-ops and condos turning grey and grubby with age.

Employing statistics from the OLR (Online Residential) database — which many brokers use, including me — I arbitrarily checked time on the market of listings offered at prices between $450,000 and $1 million. Continue reading →